\n<\/div><\/div>\n<\/div>\n<\/div>\n

The Florida Realtors\/Florida Bar Residential Contract for Sale and Purchase and the As Is version (rev. April 2017) have the same interlocking provisions that stitch together to define dates and deadlines. Before we look at some key provisions, a great starting question is to determine who will calculate timelines \u2013 and to the maximum extent possible, buyer and seller should calculate deadlines. They sign the contract, and they\u2019re the parties who may reap the benefits of good planning or suffer the consequences of poor planning.<\/span><\/span><\/p>\n

If you choose to try and help calculate these timelines, please note that you\u2019re assuming a duty that could make you liable for any mistakes, even accidental ones. So please select your words carefully if you choose to help a buyer or seller schedule deadlines.<\/span><\/span><\/p>\n

Time is of the Essence.<\/strong> Section 18, Standard F provides in bold words that \u201cTime is of the essence in this Contract.<\/strong>\u201d These simple words elevate the importance of deadlines. Without this clause, a party could argue for a grace period or \u201cwiggle room\u201d for some deadlines. This clause eliminates many of those wiggle room arguments and increases the importance of meeting deadlines.<\/span><\/span><\/li>\n
Calendar Days.<\/strong> This contract uses calendar days instead of business days, as Standard F simply provides \u201cCalendar days shall be used in computing time periods.\u201d Courts in Florida have cited Black\u2019s Law Dictionary for the following more precise definition of calendar day: \u201ca consecutive 24-hour day running from midnight to midnight.\u201d So, if someone wanted to be hyper-precise, the last second of a specific calendar day would be 11:59 p.m. and 59 seconds.\u00a0 <\/span><\/span><\/li>\n
Automatic Extension for Certain Weekend or Holiday Dates.<\/strong> Standard F provides that \u201cOther than time for acceptance and Effective Date \u2026 any time periods provided for or dates specified in this Contract \u2026 which shall end or occur on a Saturday, Sunday, or a national legal holiday \u2026 shall extend to 5:00 p.m. (where the property is located) of the next business day.\u201d An example of this extension: If the deadline to make the initial deposit falls on a Saturday, then the deadline would automatically extend until 5:00 p.m. the following Monday, assuming that Monday is not a national legal holiday.<\/span><\/span><\/li>\n
Effective Date.<\/strong> This contract defines the effective date in Section 3(b) as \u201cthe date when the last one of the Buyer and Seller has signed or initialed and delivered this offer or final counter-offer.\u201d Please note that, as clarified in the automatic extension language above, it is possible for the Effective Date to fall on a weekend or holiday. <\/span><\/span><\/li>\n
Automatic Withdrawal Date.<\/strong> Section 3(a) provides a blank space for the party submitting the offer to insert a deadline for acceptance, after which the initial offer will be automatically withdrawn. Please note that this does not<\/em> obligate the party that receives the offer to respond in any way by the deadline \u2013 it merely withdraws the offer so that it may no longer be immediately signed and returned for acceptance. Also note that counter-offers get their own timeline, as the time for acceptance of counter-offers is \u201c2 days after the day the counter-offer is delivered.\u201d<\/span><\/span><\/li>\n<\/ul>\n
\u00a9 2021 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
The Florida Realtors\/Florida Bar Residential Contract for Sale and Purchase and the As Is version (rev. April 2017) have the same interlocking provisions that stitch together to define dates and deadlines. Before we look at some key provisions, a great starting question is to determine who will calculate timelines \u2013 and to the maximum extent possible, buyer and seller should calculate deadlines. They sign the contract, and they\u2019re the parties who may reap the benefits of good planning or suffer the consequences of poor planning. If you choose to try and help calculate these timelines, please note that you\u2019re assuming a duty that could make you liable for any mistakes, even accidental ones. So please select your words carefully if you choose to help a buyer or seller schedule deadlines. Time is of the Essence. Section 18, Standard F provides in bold words that \u201cTime is of the essence in this Contract.\u201d These simple words elevate the importance of deadlines. Without this clause, a party could argue for a grace period or \u201cwiggle room\u201d for some deadlines. This clause eliminates many of those wiggle room arguments and increases the importance of meeting deadlines. Calendar Days. This contract uses calendar days instead of business days, as Standard F simply provides \u201cCalendar days shall be used in computing time periods.\u201d Courts in Florida have cited Black\u2019s Law Dictionary for the following more precise definition of calendar day: \u201ca consecutive 24-hour day running from midnight to midnight.\u201d So, if someone wanted to be hyper-precise, the last second of a specific calendar day would be 11:59 p.m. and 59 seconds.\u00a0 Automatic Extension for Certain Weekend or Holiday Dates. Standard F provides that \u201cOther than time for acceptance and Effective Date \u2026 any time periods provided for or dates specified in this Contract \u2026 which shall end or occur on a Saturday, Sunday, or a national legal holiday \u2026 shall extend to 5:00 p.m. (where the property is located) of the next business day.\u201d An example of this extension: If the deadline to make the initial deposit falls on a Saturday, then the deadline would automatically extend until 5:00 p.m. the following Monday, assuming that Monday is not a national legal holiday. Effective Date. This contract defines the effective date in Section 3(b) as \u201cthe date when the last one of the Buyer and Seller has signed or initialed and delivered this offer or final counter-offer.\u201d Please note that, as clarified in the automatic extension language above, it is possible for the Effective Date to fall on a weekend or holiday. Automatic Withdrawal Date. Section 3(a) provides a blank space for the party submitting the offer to insert a deadline for acceptance, after which the initial offer will be automatically withdrawn. Please note that this does not obligate the party that receives the offer to respond in any way by the deadline \u2013 it merely withdraws the offer so that it may no longer be immediately signed and returned for acceptance. Also note that counter-offers get their own timeline, as the time for acceptance of counter-offers is \u201c2 days after the day the counter-offer is delivered.\u201d \u00a9 2021 Florida Realtors\u00ae Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":5120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5119"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=5119"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/5120"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=5119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=5119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=5119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}